Las Vegas Sands Reacts to Obama Attack
Filed in Las Vegas Sands (LVS) on Feb.19, 2009
Las Vegas Sands (LVS: 2.39 -13.09%) majority owner Sheldon Adelson is prominent among Las Vegas casino executives decrying President Obama’s warning against Vegas conventions.
Adelson told Bloomberg that Obama’s telling companies receiving government stimulus money that they “can’t go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers’ dime” is hurting the city and state economy. Adelson stated, “It’s very anti-stimulus, it’s pro-recessionary, pro- unemployment.”
Adelson built Las Vegas Sands and its lead property, the Venetian Casino and Hotel, by concentrating on drawing conventions and business gatherings. He asserted that Las Vegas Sands and its competitors have the only facilities necessary to accommodate the largest gatherings.
He shrugged off the suggestion that many US citizens feel Las Vegas meetings are all hedonistic pleasure. “They’re not holding these meetings simply because they’re all boondoggles. How does an automobile company introduce their new car to thousands of dealers? How do tech companies introduce their new products and explain how they work to their dealer network?”
Geoff Freeman, a spokesman for the U.S. Travel Association, said that travel-related indutries are already forecast to lose a half-million jobs, and wondered what the industry price for being a political whipping boy would cost.
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